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Why did these 5 Chinese tech billionaires step down? JD.com’s Richard Liu was the latest, but so did Alibaba’s Jack Ma and Zhang Yiming of ByteDance, TikTok’s parent … | South China Morning Post

Source: scmp.com scmp.com
News Snapshot:

China’s top tech chiefs are stepping down from their leadership roles amid Beijing’s sweeping crackdown on the sector. E-commerce giant JD.com’s wealthy founder Richard Liu is the most recent executive to step down. Last year, both Zhang Yiming, founder of TikTok-owner ByteDance , and Su Hua, founder of TikTok’s main rival Kuaishou, gave up CEO positions. In 2020, Colin Huang, founder of popular e-commerce platform Pinduoduo, stepped down as CEO. And in 2019, Jack Ma stepped down as chairman of e-commerce behemoth Alibaba. (Alibaba Holdings is also the owner of the South China Morning Post.) The pressure for a regime…

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